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to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pe
basically raise money to cover eight days of government spending, but you know, david and adam, we've had the letter from nancy pelosi. do you really believe it was a ploy to smoke out the republicans? because nancy pelosi in her letter is equating millionaires to big oil, special interest and corporations. why doesn't the g.o.p. capitalize on that they really want middle class tax hikes when they're talking about raising taxes on the 250,000 plus crowd >> well, i think speaker boehner and the republicans in the house would be able to get some democrats support for the millionaire tax increase which i don't think they did enough of and they had to call off that vote as we all know on that plan. but some democrats would support something like that, but we're talking here about the leadership speaker-- minority leader pelosi and you know, she, because now it's republicans proposing it, now they seem to be backing away. they might be able to get some conservative leaning or moderate democrats to support something like that. and the president, as we know, the white house has signaled they wou
back to the mid-1950s has ever cut government spending. we continued to add spending every year, both parties guilty. why should that change? why should anyone watching us right now believe anybody in washington's going to be fiscally responsible? >> adam, it's the right question, and that's dwr i said a minute ago, we need a big deal. if it's a smaller deal, remember, we got to go to the debt ceiling discussion and some of the other trigger points and make sure we get the savings and the entitlement reform and the things we need to get this deficit and debt under control. it's about getting the economy on track and also getting the deficit under control. adam: you are a moderate, highly popular in the state of north dakota, and you have compromised with both sides on these issues, but the vast majority of the public looks at congress, all of you, the house of representatives and the senate looking at you guys with disgust. is that coming across in the halls of the capitol? do the people there understand what the people out here, the 310 million of us consider when we think about the
love this, as opposed to letting the government do it. we he don't need the government to do this. this is what americans can do. stuart: you've got the last word on me there, mark lanier, very good, very good. you walk away from your 227 million, mark, have a wonderful new year. >> thank you. stuart: a massive storm, serious stuff here, big storms through the u.s., high winds, snow, everybody came down and stranding a lot of travelers across the country and dumping inches of snow in some cities, actually feet in some areas. roadways in the northeast covered with snow, again, two feet of snow in some areas. big delays in a lot of airports. big headaches for holiday travelers, that storm is blamed for the at least six deaths. if congress and the president can't come up with a plan and we dive on that fiscal cliff, look what would happen to the average federal taxpayers, the average taxpayer is roughly 50,000 bucks a year and that person would pay a extra, 1238 per year in taxes. in fact, every taxpayer would pay more if we go over that cliff. clearly, that would be a hit to the ove
point for them. they say with the debt ceiling they can extract more government spending cuts, so that's a fight that will live to see another day. so they are close and, in fact, reached an agreement on these tax portions here. it's just those automatic spending cuts democrats and the white house want to delay those cuts or offset those costs for a few months or possibly a year. republicans say we're fine with delaying those cuts, you just have to come up with other government spending consistents to offset the cost of pushing back those cuts. david: we're just getting late-breaking news from roll call, the president saying eventually he's going to be asking for each more taxes going up. what's the latest on this? >> reporter: i just heard of that as you reported it to me, david, but it's basically consistent with what the president wants when you talk about just this particular revenue portion. what you would get from raising taxes on individuals making $400,000 a year isn't all that close to what the white house wants, the more than $1.5 trillion over tax increases over the next dec
government spending went down was 1954 and people are fed up. stuart: it's possible at some point in the future, you can get elected to public office in america saying i'm going to cut that because we can't afford it. but it's a long way off, i suspect, really a long way off. scott, i'm terribly sorry, i'm out of time. got to get to the stock market opening in a couple of seconds. happy new year. >> and to you. stuart: thank you. the clock is ticking and no matter the outcome of the debacle, republicans will get at least some the blame. we'll cover that in detail and we'll have the opening belfour you next. >> there is one issue that dominates stock market trading, cold trading, oil trading, you name it, all kinds of trading, one issue and one issue only, that's the fiscal cliff. you can spend a lot of sound bite trading. anybody in any authorities says anything about the likelihood or otherwise of a fiscal cliff deal you will see the market react. it happened earlier this morning. there was a report that maybe these talks between mitch mcconnell and vice-president biden were mak
actually being shut down on the defense contracting side and other government services not being paid for. that i can see. much higher taxes soaking up the revenue. so yes, that is a big thing. this is all gamesmanship about going over the cliff. both sides can say they win if they go fo over the cliff, oddly enough. and that is where we are going. shibani: i wants to ask both of you, when are we going to get back to fundamentals? the bottom line for investors, when are we going to get back to fundamentals, what month, what quarter in 2013? >> i think it will be in a couple of weeks here in january. it is earnings season, we will get a picture into what companies are seeing. it is almost irrelevant what happened in the fourth quarter. we want to pay attention to what they're seeing from their customers looking into the future. shibani: what are you looking for in 2013? >> i think we will get there when we figure out this cliff situation and the other half when the fed lays off the pedal because that is the other real peace driving us, driving the market beyond the market fundamentals. dav
cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109 billion in automatic cuts to federal spending. and while that's a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. and standard & poors' gabe pettek says those details could still be months away. >> even if the policymakers in washington, d.c., resolve the immediate issue before january 1 or shortly thereafter, we think there are going to be several details related to the administration of tax policy and the way the federal government spends money that will have an important effect on state budgets. >> reporter: the pew center on the states reports around 18% of federal grants to states would be subject to sequestration's spending cuts. that works out to about $7.5 billion the states could ultimately lose. >> the real worry right now for states is that as many states start there legislative se
. the government is too big and in effective we could take most of the money by decreasing spending. the 11th hour and there are a lot of people who shouldn't be having tax increases if we don't reach a compromise. so those are two different questions and i'm not about to give up the $1.2 trillion. we haven't cut a penny yet. so, that is not something i'm willing to give up. that is the thing. let start there. your book, your work, your speeches, you have identified hundreds and hundreds of billions of dollars of waste that the government doesn't need and the country doesn't need and it seems to evaporate. and from what i gather, the debate right now is whether to put off the spending cuts, it is always maniana when it come to spending, sir. and you no as well as i do, taxing the successful earners is not going to solve our problem. >> there is one bright side. if this bill happens, 95% of americans are going to have rates locked in. they are going to have some sernl ti for the future and that is one of the big things that is keeping us from growing now. they don't see the feature. is it a perfect
will officially re-sign from his post on friday. he stressed that italy's next government must avoid backtracking on reforms. elections are due to return in january. sylvia berlusconi met up with cnbc and began by asking him whether he will be running in the upcoming elections. >> translator: yes. obviously, this wasn't my original intention or a desirable option. i had to surrender to reality. and my sense of responsibility convinced me to run again for a premiership. actually, this need come from the polls. a angelino alfamo is capable, but only my participation would have brought back all the voters who supported us in 2008 which represented almost 40% of the total of italian voters. i had to admit what the data was saying as i did in 2004. i feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party that isn't at all social democratic, but has its roots firmly pointed in the communist orthodox party. >> under market and in europe, there is some concern that your return in politics may bring back italy to the latest borrow of 20
thing the next government needs to do is actually nothing. if it does nothing, if it doesn't reverse the reforms -- >> what's interesting is what berlusconi is campaigning on is austerity. he's running on an ant anti-austerity pro eu package. while it's untenable, it does have a certain amount of certainly backtracking the fiscal returns for them. >> exactly. this property tax, i think that's a cause for concern. if you were to repeal that, the fiscal position on would be unsustainable and he would have to raise taxes elsewhere to make up for that. that would be some messy negotiations with him on a european level. markets would be very concerned already heading into the elections. the more noise we hear, the higher italian borrowing costs would be and if italian borrowing costs rise, one of the very important parameters which led to this drop in debt to gdp over these 15 years heading into the crisis would not be fulfilled any more and italy's position would be unsustainable because of all that noise. >> it sounds like a catalyst should this fall into place in 2013. that still remai
difficult for the federal government. people are wary of all of the uncertainty. they are keeping their pocketbooks closed during this all-important spending season. do you see that as an interesting perspective? >> i think at this point, here you have this santa claus rally which is a market phenomenon that makes sense until it doesn't. that works until it doesn't. coming into this season we would have a typical 1.7% increase in the s&p 500. now, we are dealing with questions that will remain unanswered until january. that uncertainty makes investors anxious. tracy: we have for trading days left. what should we be doing? what should people be doing over the course of the next couple trading days? >> i think people should really look at their capital gains. we are at a point now where capital gains is going up. it makes sense to take him and reposition them when we find out what will happen. lori: i have to tell you, i think stocks are the place to be. stocks, even emerging market stocks, there is a lot of strategy. how would you recommend it? >> i think equity because bond yields
are again here like we were for the debt ceiling, like we were for the government shutdown. it is ridiculous that we are here because we want to be having a big discussion. we have all the facts in front of us. we know that there are people like you kwhof a position on taxes. we know there are others who have positions on other things. and our democracy is supposed to allow us to somehow come to together, to convene, to deliberate and to evolve some sort of a compromise. what response -- what responsibility do you think conservative republicans who have signed this pledge to grover norquist bear for us getting to where we are today? >> well, actually, let me defend grover for a second. >> sure. >> he actually has signed on to some kind of a deal. we're in a situation that if nothing happens taxes go up on everyone. so -- and then a guy like me doesn't want to see that happen obviously. look, i want to make one other point. even if we go over the so-called cliff, and i think cliff is a bad metaphor here, really kind of a slope. it's not like the world's going to come to an end january 1st or
shrinking the government, making the government do less are actually good things. >> right, i don't think there's any question about that. we know there's an element of the republican party, ron paul, rand paul being the most visible, who think the less government does, the better. now, in that vain, i've been struck. david wasserman at the "cook political report" crunched the numbers on this, that there are 234 house republicans. 15 of them, 15 represent districts that president obama carried in 2012. given that, and we were talking with kelly about the fact that this has to come through the house at some point, that republicans still control. is there any reason for, politically speaking -- >> absolutely, right. >> -- not good of the country speaking, but politically speaking, is there any reason for these guys to make a deal given that for 215 of them, the constituency they represent are mitt romney's? >> i think this is the problem. where most people follow a presidential election and don't realize what happens in each of the districts. what republicans have done a very good job of in
to the president's desk. tracy: click and expedient. lori: the efficiency. tracy: u.s. government set to hit the legal borrowing limit on monday. 16.$4 trillion federal debt limit beginning to come down and toch congress passes legislation or defaults. treasury secretary tim traders said the treasury would begin to undertake "extraordinary measures to stave off default quote that could $3,200,000,000,000 of additional funding which would give them two more months this is creative accounting. we have many. lori: the overspending is the understatement. the bond yield is lower investors are thinking this is the safest bet stocks are falling the dow was off 100 points europe is a mess in china slows down the global economy in dire straits and we cannot stop spending there is no message in interest rates are rising as they should to prepare for another downgrade which is very concerning talking about the economic data data, consumer confidence falls over fiscal cliff uncertainty and warning the government is set to hit the legal borrowing limit by a monday. we have bill rodgers from rutgers unive
an actual all-time high again. anyway, among the catalysts, a new pro-business government preparing to assume leadership, incoming prime minister shinzo abe. what is it, 50,000 that it has to get to? >> 39,000 i believe is the peak. >> who's counting, right? that's a ways off. >> yeah. far away. >> shinzo abe has been putting pressure on the bank of japan to raise its inflation target in hopes of extricating the country from two decades of deflation. i guess if you just raised the target -- >> that would help. >> okay. >> it doesn't matter what your target is if you can't hit it. >> we found that out here. >>> meantime, in europe markets are closed for the boxing day holiday. seems weird to do it just for a bunch of people to -- >> box up the gifts and return them. >> it's not a -- >> bad, i know. >> it is boxing. what kind of boxing are we -- boxer rebellion? >> i've never understood boxing day. >> we have to look it up. >> i literally have no idea. >> or it's on google. no, is there anything on google that is different? let me see. just a regular -- >> is there their our way to fi
in their wisdom sent a divided government to washington. off group of people in the house of representatives that basically slapped around their own leader and said we won't even consider a tax increase for millionaires, multimillionaires, billionaires. meanwhile, you have got the majority of the senators elected in this body saying we can do more at the top end. those of us who have a lot can get more revenue to address this crisis so you have got this stalemate that was created by two very different groups of people, all elected by the american people. >> now, walking out, i spoke to several of your colleagues, democratic senators who said they were not optimistic, really looking pretty glum. what camp are you in after what you just heard? do you think -- i mean, as you said, the clock is ticking, do you think by tonight or tomorrow, something will get passed to deal with at least the tax cuts that are going up by most americans? >> most successful businessmen and successful people i have talked to are willing to pay more and so it remains to be seen whether the republicans, being driven b
distract from what the country needs to do. we need to deal with our run-away government spending, the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reforming government. as long as tax increases are on the table, the politicians never even think about reforming government. >> i understand you've been on this fight for a long time and you've been devoted to the whole idea of not seeing taxes increase anywhere. what we're down to is largely a political battle over the increase in marginal tax rates based on what you earn. i understand there's a lot more to this puzzle. but on that front, because that's the one that gets most of the ink around here. it's the whether people who earn more than 250,000 or 2z 400,000 or a million should pay more tax. the point i'm trying to get at is that's not going to hurt the economy. that's all we're talking about. paying 4.6 percentage points higher on your income over 250,000, the evidence isn't there that that's going to hurt the economy. >> it will take t
for government to keep raising the value added tax. we've seen it happened in spain, italy and greece and wherever it's tried. adam: i lived in spain a long time ago. i guess you realize you don't paying it at the time but things are more expensive. david: thank you, gang. thank you very much. thanks to the company. thanks to you for watching. now here are dagen and dennis. hi, gang. dagen: merry christmas. love to your family. david: thank you. same to yours. dagen: i'm dagen mcdowell everybody. dennis: i'm dennis neal -- kneale. dagen: is it the fiscal cliff fears that have shoppers down this season? retailers are reporting slowing sales over the last couple of weeks. dennis: a woman fired for being too attractive and a supreme court says it is legal. dagen: i will bite my tongue because it is the top of the hour and stocks now and every 15 minutes. nicole petallides at the new york stock exchange. hey nicole. nicole: i look forward to hearing more about that particular story as i watch the stock market here, i do see the dow is down about 1/3 of 1%. majority of the dow components a
this is a broader issue about western democracy. unless the markets do put governments under pressure, it's not easy to come up with such tough positions and i suspect that is going to be the case. it will be a recurring theme through the year, i suspect. >> and that's what i was going to suggest, this idea that we're going to come up with cliff after cliff after cliff, that maybe we're into a whole year of cliff diving, your expectation, let's say we get through the cliff with a baby deal. we've had still a number of economists come on this set and talk about how we could still be -- maybe not in a recession, but continue to see a slowdown. >> well, the other way i've been trying to think about the past 24 hours, you look at the private sector, there are two sources of great encouragement for the u.s. economy, it seems to me. one is the domestic housing story. and the second is, of course, the remarkable thing going on with energy based around shale, gas and oil. if these two sources of strength persist, you know, is the disappointment about the cliff enough to negate those two things? i suspect th
. that will be a result of the federal government beginning a deleveraging process. something that is been well underway in the private sector for a long time. i think the result will be very good. i just think we need to get beyond all of this uncertainty with washington and in the private sector can go above doing its business. i think that outlook is good. shibani: i think a lot of us are looking forward to this uncertainty. we have debt ceilings. we also have a budget to get through. how do you position yourself? what sectors or stocks do think we'll be able to hold out anymore stable fashion? >> first of all, i think the second half will be a stronger one. in the short run, while that is going on, i think somebody's defensive sectors may still provide a good place to be. they will continue to be attractive. if you look at the market today, it is telling you how things are likely to perform in the second half. you see, for example, materials, technology, industrials doing very well. i think those will be the real eaters in the second half of the year. shibani: it will not happen as robustly here in
access to government financed health care at all. if the republicans tomorrow said to you, you know what, you can have all the tax increases you want. we'll raise taxes on people who make $250,000 or more would you then be willing to do serious entitlement reform? >> let me just say that in fact we do means test millionaires right now. there is a serious means testing. >> not by much. a millionaire who gets medicare is nothing. it costs them nothing relative to their net worth, nothing. >> you know what, if the republicans would move, and they haven't yet, you just heard it, no willingness on the part of the republicans to do anything. >> if they did, you would do what? >> we already put $600 billion on the table to get savings out of medicare/medicaid. those are entitlements. >> that's pure cuts to spending that you claim are going to come from waste, fraud, abuse, etc. or just from cutting certain programs. you've got to decrease demand in some parts of medicare and a great way to do it is for people who have the money to spend their own money instead of spending young people's money a
the american people have determined that governing is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there are only ten days remaining to the fiscal cliff. president obama headed to value within actually minutes, and members of congress have also gone home for chrrstmas vacation already. in a news conference today, speaker boehner admitted negotiations with the president have, indeed, been difficult. >> until the president on monday, these are my bottom lines. the president told me that his numbs, $1 trillion in new revenues, 850 billion in spending cuts was his bottom-line. he could not go any further. lou: and he didn't. the plan be option collapsing last night when he failed to get republican support to raise taxes on only those making more than a million dollars a year. over in the senate majority leader harry reid pounced on the very public embarrassing defeat. >> we knew the so-called plan b was no plan at all. it could not pass the sen
on go bankrupt or the governments they are based on go bankrupt, and people are saying that might happen here. >> you could have a credit incident, but we're not going to destroy the faith in credit of the u.s. government. david: we already have. are you kidding, larry? we already have. >> i doubt it because, really, if the credit were destroyed, the cost of finance at the margin would be going up, and the cost of finance at the margin for the federal government is going down. >> larry, consumers are pulling back, a consumer that's pulling back, not spending as much, that is not going out and driving and consuming oil, the confidence seems eroded before a decision is made in dc. we don't even need a decision. david: larry, i know what you say about interest rates, overriding factor thinking about investment and how much cash, but, again, right for now, our credit rating is the best in the worlding but it's a lousy world of credit. that's the problem is that with all this money printing going on around the world, i'm wondering when that comes back to bite us. >> well, that's why you don't
, declaring victory over its enemies to the rebels. that is code for the government saying we will crush you first. trace? >> trace: jonathan, we have heard warnings about the failure of the international community to really react to all of this. but some unusually strong language in the latest from the u.n. peace envoy. >> yeah. the peace envoy currently a man much more given to diplomatic language. this time is he saying that syria, quote: will be be transformed into hell. this coming year if the international community doesn't act other officials predicting that the death toll could rise as high as 100,000 civilians currently estimate human rights observers being something like 45,000 civilian deaths which, of course, is all evidence of what he says syria has been hell for quite some time already. trace. >> trace: what about bashar assad, jonathan. any sign that he is losing the will for this fight? >> well, there is always rumors surrounding bashar assad and his family. there is always speculation. but the reality on the ground is that he continues to direct his security forces to slaug
for the worse we get a large macro number that hurts our market, one of those government numbers, or we get some weakness out of europe i can lose less than the people just playing the earnings momentum game because i own the best and i am short the rest. sector analysis is particularly important in technology. because people confuse this gigantic group of stocks, which comprises more than 15% of the s&p 500, constantly. tech is actually the agglomeration of a whole group of sectors, semiconductors, disc drives, software, cloud, internet, personal computers, large scale enterprise hardware makers, tech, tech communications, infrastructure stock, assemblers. each has a separate growth rate. and here i like to look at the earnings per share growth rates of the companies i follow versus the individual slices of the sectors. because the sector growth rate doesn't work even though people keep trying to use it. cloud stocks, for example-r highly valued. meaning the price teernings and growth rates are extreme. that means there's no room for error, or hair as we call it, meaning something is wrong, som
? >> monetary easing. all these governments have debt and there's only one way to pay it back and it's to devalue their own currency. and it's a race to the bottom. >> reporter: there are other factors that could also help support gold prices. central banks worldwide have been boosting their gold holdings to diversify their portfolios, and protect against inflation. this year, central banks bought roughly 500 metric tons of gold, up 8% from last year. in addition, many small investors are buying gold as a safehaven from global instability. >> political certainty is a major driving factor. it is not just here. but, in the western europe, and in the far east. and, in china. >> reporter: strong demand for gold exchange traded funds has also helped support prices. the spider gold trust-- ticker gld-- has $75 billion in assets. and it's is backed by physical gold. it also helps that some hedge funds with bylaws prohibiting them from buying futures, can buy gold e.t.f.'s. >> so there are some people that were restricted before. they're not now, and that's supportive of the gold. >> reporte
the world. look at japan and europe. the japanese government is the glaring war on japanese citizens. it will create inflation. if the japanese citizens start to dump their bonds, they have been a bigger part then japan recently. that is a big problem for us. their euro has been quietly depreciating. if that goes out, that is a much bigger fiscal cliff. if the buyers of treasuries become sellers. liz: there are a lot of "if" in your discussion. the bond markets are still pretty -- nothing from the bottom vigilantes yet. you were a clinton advisor. you saw in the mid- 90s bond yields really spike higher. that is the issue. if we see the economy healing, bond yields could go up. investors say, wait a second, why invest for bond. >> that is the key issue. we have not seen interest rates spike for a simple reason. nobody has confidence in the economy. nobody believes we will have robust economic growth. we could be heading towards a recession. especially given the disappointing christmas sales. i am frankly skeptical about what will happen with our economy either way. i think we will go
happens january 1st. here's why they get sales from government contracts. that's the deal. it's not just the lockheed martins of the world. you'll see in here, humana, other health care companies, of course, medical device companies hit with the tax, but they have striker, for example, and there's a lot of sales from government contracts. you'll see in here, look at that, motorola, holdings in and waste management companies like waste management and republic services, ashley. ashley: what are the stock prices on the companies, iz? >> good point. goldman sachs warned since 2011 when that debt ceiling crisis hit in the summer of 2011 that triggered the fiscal cliff learning that the companies could under perform, but there's another wall street player, and that's fidelity saying watch for the banks, not just because they are under pressure as they track the general economy, but it's because business capital spending is down as of the third quarter, really went south, worried about that and activity dropping off by 20% versus the prior year, and banks make a lot of fee money. people, you k
and the government tenders to do, but people in chicago are kind of wary about this. he wants to privatize midway airport. have a deal. ithey deal to do it for $2.5 billion. airports are huge generators of cash. the parking concessions, food and beverage concessions, rental car rentals, the places that do that tends to be a big cash generator. companies like to get in on that, i like to do it more efficiently. but here's the problem. don't get the money up front and spend it somewhere. say this time they will not do that, to be a revenue stream. instead of a revenue jumped to balance the budget. i guess we will see. ashley: just come it looks markedly orderly behind you given the time of year, it is christmas eve. speak jeff: it is not too bad it i.this used to be the world's busiest airport. not too bad today. ashley: not bad at all. jeff flock at midway airport in chicago. thank you so much. the closing bell in 26 minutes or thereabouts, the gift that keeps on giving. gold is up. will the bull run continue into 2013, and how should you play it? with fidelity's new options platform, we've comple
geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still
geithner has informed the senate that the united states government will hit its debt ceiling on monday. that is december 31st. now, that doesn't mean that anything happens immediately, because the treasury can take various steps to postpone the moment of reckoning, probably a couple of months. it's still significant. that's an effort to pressure congress. secondly, the house republicans have met, leadership has met, sent a letter to democrats saying the house has acted, now it's up to the senate to act. that's, of course, the m theic-controlled senate which has no intention of taking up that house bill, which would extend all of the bush tax cuts. the president wants to only extent cuts for incomes under $250,000. senate democratic leadership aide tells me there's a 50/50 chance for a mini deal, temporary extension of the tax cuts, before january 1st, but we haven't seen any progress on it yet. president obama is coming back early as you mentioned, from his vacation in hawaii, but a senior white house official tells me they have seen no signs yet of progress toward a deal, so, everybod
fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will tak
and the government and tell you who is on what side of the market so we're looking at speculator is being more of the bullish crowd where commercials or hedgers and these are the traders that are not neutral. they are not speculating. they hold on the other side the other side of the trade in the cash market so we are looking at the currency market in particular, they are setting up for a strong u.s. dollar rally where they are heavily short of the british pound and the australian dollar and swiss franc, getting some movement. shibani: it is clear it is a set up but what is the cat was to cash in on this? >> the catalyst no matter what the response is out of washington with the fiscal cliff it is going to slow the economy next year. raising of taxes, cutting down of government spending will decrease economic growth, gdp growth which calculations -- shibani: we're predicting a slowdown but predicting a rise in currency in u.s. dollar. how does that -- >> good question. for safety. the bond market everyone is bearish on the bond market because interest rates should go up but in all reality the c
tack to the center where i'm going to govern for all of you. are you coming back? >> i'm going to. >> the jacket is coming off, though, right? >> christmas eve and i'm celebrating. as you know, we had the tree going this weekend with the lights on. >> that's so nice. there's one other thing i sought on that thing over the weekend that you brought us that i was going do -- oh,no. did you see mitt romney did not want to run? >> i saw that. that was in the boston globe. that was a great piece worth reading. then he found out how bad things were going on his ipad. >> yeah. but maybe he didn't want to run because there were times i really kind of thought it looked like he didn't want to run. >> yeah, but towards the end, i thought he did. >> he tried hard. thanks. >> okay. >> come over here. >>> in other news, a dock worker strike on the atlantic and coast could be just days away. port operators have been negotiating with the long shoreman association since march. but the two sides are said to be far from closing on a deal that would cover cargo handling at 15 ports, a 9d 0-day extensi
in areas where you essentially don't have governments that have a lot of capacity to protect those embassies. so we're doing a thorough review. not only will we implement the recommendations that were made, but we'll try to do more than that. with respect to who carried it out, that's an ongoing investigation. the fbi has sent individuals to libya repeatedly. we have some very good leads. but this is not something i'm going to be ad at liberty to talk about right now. >> in the politics, in the back and forth of this, do you feel like you let your friend, susan rice, hang out there in this? >> no. first of all, i was very clear that susan has been an outstanding u.n. ambassador for the united states. she appeared on a number of television shows reporting what she and we understood to be the best information at the time. this was a politically motivated attack on her. i mean, of all the people in my national security team, they probably had the least to do with anything that happened in benghazi. why she was targeted individually for the kind of attacks that she was subjected to is
stocks like these in earning season? >> all i care about is government pay. if the governor's stinger toward hospitals, i don't want to touch them. there's not enough hospital mergers that can still be done without the government stepping in and saying you know, we've got to block that. with hospital, if the government's on your side, i could be a buyer. if the government's against you, stay away. but stick with cramer. >>> keep up with cramer all day long. follow @jimcramer on twitter and tweet your questions #madtweets.
enough revenue to cover government for agent eight days, seven or eight days and what do you do with the other 350-plus days leftover? you cannot continue to run trillion dollar deficits every year, because we are already at $16 trillion in debt. what we have is a debt crisis and quite frankly, i think that to our children, to our grandchildren, it is absolutely immoral that all of this would be kicked down the road, kicking that can down the road, and then heaped over on their heads. >> well, it is a little bit immoral that it is happening today and forget the grandchildren, but how about us? >> well, i agree with you, and well, that is why you have got inaction that you are looking at. hr-8, ali, that was a bill filed in january 2011 by the speaker. the senate knew it was coming to them, and the house knew it was coming to the floor, and they worked the bill and they got bipartisan support and that would have extended tax reductions for everybody. >> right. and it had bipartisan support, so that the thing is that it is inaction, and quite frankly, i hope that my colleagues in
is not the right solution. we can still count on government to disappoint us each and every time that we need their support, that's a beginning, yet we've had two 10% corrections already this year in stocks, including dividends. they are up close to 14%, and this type of environment, where you're probably going to see another 3% to 5% selloff because of this fiscal announce, fiscal irritation, and when you get that, you should take that money and put it to work. simply because when you look at corporate america, the average company, bill, is generating a 16% to 17% return on equity, record free cash margins and a federal reserve that has the pedal to the metal. what you and i have talked about before repeatedly, $4 in taxes for every dollar in phantom spending cuts. that's fiscal irritation, but the health of corporate america will be what ultimately prevails. >> sounds like david has been reading your book, rick santelli. >> it does. >> big fan of rick. >> this is such a perverse world we live in, okay. let's look as what's happening. down 158 in stocks and that pushed the ten-year yield und
value, at the turn of the 20th century where government spending was 9% of gdp, we're now at 25%. there are some that say, take what we give you and retrofit government to the size of 19% or 20%. do that first. he just wants to shrink what it's grown to, this unwielding federal government that -- don't you think 25% needs to come down? >> well, part of that is cyclical. >> okay. so at 3%? >> 21, 22. >> i would say 22. >> so we have to get it down to 20.5. >> the three big beasts in the budget remain medicare/medicaid, social security and defense. you have to cut almost everything else to zero to get close to balance or to make a big difference. so i think in today's world, given that those entitlements, even if you reform them and cut back back will increase as people like us eventually retire. it seems to me that sizing the government for something around 22 or so is probably doable. but not easy to get to. because you still have to have major cuts and major long titlement reform to get there. >> you see one of the major ceo guys, and i'm not going to quote which one, said yest
with the sequester of last week and spread those cuts across the board to other facets of government as well. not just military and medicare. we really have to wait and see. pressure is on the senate to come up with a product, to take it to the floor, to sell it it to its members where the senate would be comfortable passing something and we really haven't seen anything publicly where the senate might be at. so this is a frustrating for a lot of folks across the country and of course for members here in washington. because we're even kind of away from all of the negotiating and seeing what the senate is even talking about. >> what are you hearing from constituents today? we can see from the stock market's reaction when they thought there was a deal that might be announced at 1:30 when the president makes his remarks, which we will see here on power lunch, we add huge spike in the dow jones industrial average. now that things are cooling off, the mark set giving back a lot of that. so wall street wants a deal. what are your constituents telling you? >> my constituents are concerned about the
of hours. go make some good memories. >>> thanks. see you at the top of the hour. govern, everyone. i'm christine romans, welcome to our help desk special. the best way to make money is make sure your money is working for you. be honest. maybe you'd rather go to the dentist than get an annual checkup of your money. here goes. sit down. it won't hurt. you won't have the to give up your morning latte or anything like that. three drivers for your health, job, investment and health. a great year for the s&p 500. did you miss it? the s&p is up around 13% so far this year. the dow is above 13,000 again. calm it the ben bernanke rally. his fed pumping billions of dollars into the company, and stocks are loving it. but individual investors have missed it. stock, mutual fund outflows upwards of a trillion dollars so far this year. don't feel bad. hedge funds running scared, too. what's been scaring everybody? the fiscal cliff, anemic u.s. growth, europe's financial crisis, china's slowdown. so proceed, but proceed with caution. co-founder and president of ulta capital management, jack otter, e
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